10 African Cities Have Fastest-growing Millionaire Population, Nigerian Cities Missing
- Nigerian cities are not among the cities with the fastest-growing millionaires in Africa
- A new report on World’s Wealthiest Cities revealed that the city of Kigali in Rwanda has the highest number of fast-growing millionaires in Africa
- Other African cities like Accra in Ghana, Nairobi, and Mombasa in Kenya made the cut
The number of millionaires around the world has continued to grow as economies around the world develop.
Individual millionaires, with their wealth, can invest in businesses, properties, and other ventures, contributing to the growth of their countries worldwide.
BusinessInsider reports that the presence of wealthy people in a city can significantly impact the local economy. Their investments and contributions can create opportunities for growth and development.
A new report by Henley and Partners on the World’s Wealthiest Cities released recently shows commercial cities with the fastest-growing number of dollar millionaires.
Source: Getty Images
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Report tracks money movement across cities
The research examines global trends in the private wealth movement. It lists high-net-worth individuals with a net worth of at least $1 million, centi-millionaires, individuals with a net worth of over $100 million, and dollar billionaires.
The World’s Wealthiest Cities Report in 2023 on high-net-worth persons has the most global wealth centres, spanning 97 cities on nine continents.
The report provided by New World Wealth is the only independent research agency following trends in money movement across borders and cities.
The firm keeps track of the spending patterns of about 150,000 high-net-worth persons in its database, focusing on those with more than $10 million in investable assets.
The top cities are
- Kigali Rwanda
- Marrakech Morocco
- Mombasa Kenya
- Tangier Morocco
- Nairobi Kenya
- Casablanca Morocco
- Whale Coast South Africa
- Swakopmund Namibia
- Accra Ghana
- Addis Ababa Ethiopia
3,000 Nigerians lost millionaire status as report reveals African countries with most millionaires in 2023
Legit.ng reported that a recent report has said that Nigeria experienced negative millionaire growth of about 30% from 2012 to 2022, which resulted in 2,949 persons losing their millionaire status in 10 years.
The report was disclosed in a Wealth Report complied by Henley and Partners.
The report said that Africa’s five biggest economies’ wealth markets include South Africa, Egypt, Nigeria, Kenya, and Morocco.
Source: Legit.ng
